Chordate Medical Holding AB (CMH) AI Stock Analysis

• Market Cap: kr2.27M
• Dividend Yield: N/A
• Average Volume (3M): 5.37K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.01
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 3
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): N/A
• Shares Outstanding: 2,699,620
• 10 Day Avg. Volume: 6,244
• 30 Day Avg. Volume: 5,373
• PEG Ratio: 0.02
• Price to Book (P/B): 1.00
• Price to Sales (P/S): 13.84
• P/FCF Ratio: -0.34
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: kr0.89 ▲(45.90% Upside)

The score is driven primarily by weak financial performance (volatile revenue, deep losses, and persistent negative free cash flow), only partly offset by the benefit of having no debt. Technicals remain pressured versus long-term moving averages with mixed momentum signals, and valuation provides little support due to losses (negative P/E) and no dividend yield data.

Positive Factors

Debt-free balance sheet

A zero-debt position materially reduces financial distress risk and provides strategic flexibility to fund commercialization or R&D through equity or internal resources. Over 2–6 months this supports runway and negotiation power with partners or suppliers without leverage constraints.

Proprietary K.O.S platform

Owning a proprietary neuromodulation platform provides a durable competitive moat for device differentiation and IP-led barriers. If clinical adoption grows, this can underpin sustained equipment sales, follow-on product development and licensing opportunities over multiple quarters.

Recurring consumables revenue model

A consumables-linked model creates predictable repeat revenue as patient volumes expand, improving lifetime customer value and margin visibility. Over months, growing installed base can drive recurring sales that stabilize top-line volatility if adoption trends improve.

Negative Factors

Persistent negative cash flow

Sustained operating and free cash outflows indicate ongoing cash burn that will require external funding or equity dilution to sustain operations. This undermines long-term investment in commercialization and R&D and constrains strategic options over the coming quarters.

Sharp and volatile revenue trends

A small, inconsistent revenue base with material year-over-year declines signals weak commercialization traction and limited scale benefits. Over a multi-month horizon this reduces predictability of consumable repeatability and delays margin expansion tied to higher volumes.

Deep, persistent losses

Ongoing substantial operating deficits erode equity and heighten dilution risk if capital raises are needed. Without a credible path to profitability, management faces constrained resources for market expansion, which can impair long-term adoption and competitive positioning.

Chordate Medical Holding AB Business Overview & Revenue Model

Company Description

Chordate Medical Holding AB (publ), a medical technology company, develops products and solutions for the treatment of chronic migraine and rhinitis in Sweden. It focuses on the ear-nose and throat area. The company was founded in 2005 and is based in Kista, Sweden.

How the Company Makes Money

Chordate Medical Holding AB Financial Statement Overview

Summary

Overall financials are weak: revenue is small and volatile with a sharp 2024 decline (~-37% YoY), profitability is deeply negative with no clear breakeven path, and operating/free cash flow are consistently negative (ongoing cash burn). The key positive is a debt-free balance sheet, which reduces financial risk, but persistent losses are eroding equity and increase dilution/funding risk.

Income Statement

Revenue is small and volatile, with a sharp decline in 2024 (down ~37% vs. 2023) after modest growth in 2023. Profitability remains very weak: the company is deeply loss-making with consistently negative operating and net margins, showing no clear path to breakeven in the provided period. A relative positive is that losses (as a percentage of revenue) improved materially from 2022’s extremely depressed margin levels, but the business still operates with substantial ongoing operating deficits.

Balance Sheet

The balance sheet shows no debt across all reported years, which meaningfully reduces financial risk and provides flexibility. However, persistent losses are translating into consistently negative returns on equity and a shrinking equity base versus earlier years, indicating ongoing dilution/erosion risk if losses continue. Overall: low leverage is a key strength, but profitability pressure and equity weakening are notable concerns.

Cash Flow

Cash generation is weak, with operating cash flow negative every year and free cash flow also consistently negative, indicating ongoing cash burn. Cash burn did not improve in 2024, with free cash flow down ~11% year over year, and cash outflows broadly track the net losses rather than showing operating self-funding progress. The main strength is alignment between losses and cash burn (no sign of earnings being overstated by cash flow), but the magnitude and persistence of negative cash flow remain the central risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.04M	664.69K	976.28K	108.52K	882.05K	618.01K
Gross Profit	847.34K	1.99M	1.31M	34.06K	1.93M	2.51M
EBITDA	-23.43M	-25.23M	-27.94M	-26.79M	-20.50M	-18.05M
Net Income	-25.16M	-27.25M	-29.19M	-27.94M	-21.77M	-19.76M
Balance Sheet
Total Assets	18.04M	17.53M	21.96M	18.64M	44.06M	31.22M
Cash, Cash Equivalents and Short-Term Investments	4.24M	2.53M	8.46M	3.68M	28.98M	15.54M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	4.14M	8.34M	6.87M	7.57M	5.11M	5.58M
Stockholders Equity	13.90M	9.20M	15.09M	11.07M	38.95M	25.64M
Cash Flow
Free Cash Flow	-25.13M	-27.29M	-28.41M	-25.37M	-21.64M	-20.55M
Operating Cash Flow	-24.69M	-24.41M	-27.26M	-24.98M	-20.34M	-17.43M
Investing Cash Flow	-991.62K	-2.88M	-1.16M	-389.49K	-1.30M	-3.12M
Financing Cash Flow	18.41M	21.36M	33.20M	65.21K	35.08M	32.54M

Chordate Medical Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SDOS	50 Neutral	kr59.58M	-43.18	―	―	―	―
CMH	41 Neutral	kr2.27M	-0.06	―	―	―	―